Stop! Your Lease Extension in Polperro Could Be FREE

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Many leaseholders in Polperro are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Polperro has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Polperro lease extension

Why you should commence your Polperro lease extension today:

A Polperro leasehold property depreciates with the years remaining on the lease.

The value of Polperro leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase significantly once the unexpired lease term is below than eighty years

Polperro property with a lease extension is almost the same value as a freehold

Leasehold properties in Polperro with more than one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

Lending institutions will not grant a mortgage with a short lease

Many mortgage lenders will not lend on a lease with less than seventy years left to run - although this varies between mortgage companies. A buyer will no doubt find it difficult to obtain a mortgage and this could result in your Polperro property becoming difficult to dispose of or refinance.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Polperro?

Regardless of whether you are a tenant or a landlord in Polperro,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Polperro valuers.

Polperro Lease Extension Case Studies:

Hugo, Polperro, Cornwall,

Hugo owned a studio apartment in Polperro on the market with a lease of fraction over fifty eight years unexpired. Hugo informally approached his freeholder being a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £125 yearly. No ground rent would be due on a lease extension were Hugo to invoke his statutory right. Hugo obtained expert legal guidance and was able to make an informed judgement and deal with the matter and readily saleable.

Polperro case:

Mr U Moreau took over the lease of a newly refurbished flat in Polperro in June 1996. We are asked if we could estimate the price would be to prolong the lease by 90 years. Comparative premises in Polperro with a long lease were valued about £250,000. The average ground rent payable was £50 invoiced quarterly. The lease terminated in 2095. Taking into account 69 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.

Polperro case:

In 2010 we were contacted by Mr Austin Norbert who, having purchased a garden apartment in Polperro in October 1995. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Identical residencies in Polperro with 100 year plus lease were valued about £290,000. The mid-range amount of ground rent was £60 collected per annum. The lease finished in 2106. Considering the 80 years remaining we calculated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 plus legals.